The NZ dollar had a reasonable week, holding steady against the euro and strengthening by 1% against the US dollar. Sterling had a much better one, losing out only to the yen when Japan's central bank failed to announce extra monetary stimulus that had been widely expected by investors. The pound led the field on four consecutive days after the US president delivered a strong endorsement of Britain's continued membership of the European Union. Overall it strengthened by two and a half NZ cents; 1.2%.

What could have been a miserable week for the Kiwi was turned into a much better one by the Reserve Bank of New Zealand. There had been a suspicion that the RBNZ might decide to make another cut to its Official Cash Rate at Thursday's policy meeting. In the event it left the OCR unchanged at 2.25%, allowing the Kiwi to enjoy a relief rally that was worth an instant three cents.